Consulting & Talent Management
for Insurance and Financial Services
Our Story and Motivation
i4 Insurance Talent was formed to meet the unique talent challenges now facing the insurance industry, where a combination of powerful forces is transforming it forever.
The glaring disparity between the numbers of insurance retirees and insurance graduates, the rapidly growing numbers of InsurTech disrupters, plus the recent unemployment impact of COVID-19 have combined to produce an insurance talent gap crisis, which we call “the insurance talent perfect storm”.
Each of these forces is briefly discussed below.​
Retirees vs Grads
Almost half the insurance workforce are retiring, (Insurance : The War For Talent by Larry Pistell, Senior Associate Director of Corporate and Industry Relations at the Center for Professional Education, St. John’s University’s School of Risk Management, Insurance, and Actuarial Science).
This mammoth exodus of seniors causes a whopping 700,000 - 900,000 insurance job vacancies, over 400,000 of which are projected to occur during the next few years.(Insurance Careers Trifecta).
Meanwhile, less than 140,000 graduates from insurance educational institutes are entering the workforce over the same time period (derived from Insurance : The War For Talent cited above) leaving an insurance talent chasm of well over half a million insurance workers.
InsurTech
"Approximately 1,500 InsurTech startups are currently operating around the world. Additionally, more than $9 billion in disclosed capital has been committed to over 700 InsurTech investments over the
past five years." (InsurTech Rising: A Profile of the InsurTech Landscape, Dec. 2018).
In fact, just prior to the COVID-19 crisis, the third quarter of 2019 alone saw 83 InsurTech deals totaling $1.5 billion. (Willis Towers Watson)
As millennials continue to displace older generations in the workforce, InsurTechs are leveraging big data and advanced analytics to rethink every aspect of insurance, from productization to customer service and beyond. This rethinking heralds new ways and means for insurance to be integrated into product lines of every type, e.g. usage-based, on demand, micro, parametric, etc.
Millennials expect - no, demand - coverages to be obtained and claims to be paid with a few taps of their mobile devices - not through countless hours of long forms and conversations. InsurTechs are responding with new ways of doing business and so are permanently upending classical insurance procedures.
COVID-19
Between February and June of 2020, an historic 41 million US residents filed for unemployment (Department of Labor statistic). Stated another way, COVID-19 has driven the US unemployment rate to a level exceeding that of the Great Depression, i.e. 26.1% vs. 24.9% (Department of Labor statistics).
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For the insurance industry, this means that over 700,000 insurance professionals have become unemployed between February and June of 2020. This conclusion assumes a 26.1% unemployment rate applied to an insurance industry employing 2.8M professionals just prior to the early impact of COVID-19 in the United States in February 2020 (Department of Labor statistics).
The advent of COVID-19 has compounded the issues of retiree vs graduate disparity and InsurTech disruption discussed above. Now organizations must also deal with the the crisis of how to accelerate recovery from the devastating effects of COVID-19 while transforming their business model to one of sustainable competitive advantage, even in the face of the next crisis.
Putting It All Together
InsurTech
COVID -19
i4 Insurance Talent is led by a group of insurance business and technology veterans. We provide our clients high performance, affordable alternatives to the traditional talent management and recruiting models, which were never designed to deal with the crises now faced by the insurance and financial services industries.
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To learn more, please visit our Consulting and Talent Management pages. We also invite you to learn more about Our Separators.
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If you'd like to speak to someone now about how i4 Insurance Talent can help your organization, please call Marc Codispoti at 1.844.550.6161 Ext. 10 or email Marc at marc.codispoti@i4insurancetalent.com.